study dis
An NCBA/NCAR 2-T Offer to Purchase and Contract offered for use by a real estate broker 1 must not include a disclaimer of liability on the part of the broker. 2 can include any agent compensation that is being split with the buyer in the contract. A) Neither I nor II B) I only C) II only D) Both I and II
1 only
Instruments affecting real estate are recorded in the public records of the county where the property is located because 1 recording gives constructive notice to the world of the rights and interests in a particular parcel of real estate. 2 the instruments must be recorded to comply with the terms of the county recording laws. A) Neither I nor II B) I only C) II only D) Both I and II
1 only
closing must be delayed for
7 days for a interest rate revision
A buyer's agent presents an offer to a listing agent of a cooperating firm. The seller accepts and signs the offer in the presence of the listing agent. Before the listing agent communicates the acceptance to the buyer agent, the seller receives a better offer. The seller immediately withdraws his acceptance to the first buyer and signs the second in the presence of the listing agent. Which of the following is TRUE? A) The seller is now under contract with two different buyers for one property. B) The seller may not withdraw acceptance to the first buyer. C) The seller may withdraw his acceptance to the first buyer. D) The seller is under contract with the second buyer.
c
A contract between two parties that legally binds one party to perform but allows the other party to disaffirm the contract is A) bilateral. B) executed. C) voidable. D) void.
c
A fee simple estate has all the following characteristics EXCEPT that it is A) of indefinite duration. B) transferable by deed or by will. C) free of encumbrances. D) transferable with or without valuable consideration.
c
A mechanic's lien could be filed in all of the following scenarios EXCEPT A) the architect has not received final payment for the blueprints. B) the general contractor did not pay the subcontractors after closing. C) the hardwood flooring company was not paid after installation was completed five months ago. D) an unpaid equipment lease.
c
A prorated item that has been paid in arrears typically shows up as A) debit seller and buyer. B) debit seller, credit broker. C) debit seller, credit buyer. D) debit buyer, credit seller.
c
Real property may be described as A) land, chattel, and emblements. B) land with its air, mineral, and water rights. C) land and the area below and above the land, including all improvements, to infinity. D) the loan-to-value ratio may typically be higher than that of conventional loans.
C
A broker has found a buyer for a seller's home. The buyer has indicated in writing a willingness to buy the property for $1,000 less than the asking price and has deposited $5,000 in earnest money with the broker. The seller is out of town for the weekend, and the broker has been unable to inform the seller of the signed document. At this point, the buyer has signed A) an offer. B) an executory agreement. C) a voidable contract. D) an implied contract.
a
A broker is trying to determine the value of a house that has been divided into small rental units. The BEST approach to value for this property would be A) the income approach. B) the cost approach. C) the sales comparison approach. D) the gross rent multiplier approach.
a
A broker representing a buyer is chatting with an association president about a condominium association. The president mentions several recent items that have been approved by the condominium board regarding tenant usage of the common green space surrounding the units. The broker should ensure that A) these items are in the most recent association documents and tell their buyer either way. B) the president is not a convicted felon. C) the buyer does not know about these items. D) these are red flag items.
a
A buyer's agent must A) properly qualify the prospective buyer/client. B) guarantee that the contract price represents a good investment for the buyer. C) disclose the possible presence of sex offenders in an area, if asked. D) show the buyer at least 20 properties.
a
A mortgage broker generally offers which of the following services? A) Bringing the borrower and the lender together B) Handling the escrow procedures C) Granting real estate loans using investor funds D) Providing credit qualification and evaluation reports
a
A property insurance or casualty insurance policy protects the insured from A) losses caused by damage to the property and the improvements on that property. B) losses caused to third persons or their property. C) both damage to the property and losses caused by third parties. D) damage caused by acts of war or terrorism.
a
A real estate firm who engages brokers as independent contractors must A) still supervise the brokers and remain civilly liable for the brokerage activities of the brokers. B) provide insurance plans offered to firm employees. C) withhold income tax from all commissions they earn. D) withhold Social Security from all commissions they earn.
a
A seller spent $5,000 to have custom-made awnings installed over her backyard patio. According to the NCBA/NCAR 2-T Offer to Purchase and Contract, what is the status of the awnings? A) The awnings are considered real property and must stay. B) It is at the discretion of the seller whether the seller can take the awnings. C) The awnings are considered trade fixtures and must stay. D) The seller can remove the awnings at closing.
a
A semiannual statement sent to an owner that does NOT reflect the entire debt service as an expense is called A) a profit and loss statement. B) a budget comparison statement. C) an operating budget statement. D) a cash flow report.
a
A survey would do all of the following EXCEPT A) reveal illegal zoning use. B) establish boundaries. C) find encroachments. D) create legal descriptions.
a
An appraisal is used to determine which of the following? A) Probable sales price B) Market price C) List price D) Assessed value
a
An offer becomes an executory contract upon A) communication of acceptance to the offeror. B) acceptance by the offeror. C) signature of the offeree. D) communication of acceptance to the offeree.
a
As an agent for the seller, a real estate broker can A) solicit an offer to purchase the property from a prospective buyer. B) advise a prospective buyer of the best manner of taking title to the property. C) guarantee a prospective buyer that the seller will accept an offer at the listed price and terms. D) change the terms of the listing contract on behalf of the seller.
a
At 1:30 pm, a broker faxed an offer to purchase to her seller client. At 2:00 pm, after considering the offer, the seller called and informed his agent that he wanted to increase the earnest money deposit by $1,000. To make the seller's requested change for additional earnest money, the seller's agent need only change the term in the original offer, initial, and date the one change on behalf of the seller. prepare a new offer and, with the seller's permission, sign on behalf of the seller. A) Neither I nor II B) Both I and II C) I only D) II only
a
Before a mortgage loan is made, lending institutions often require a A. survey. B. walk-through. C. inspection. D. assessment.
a
Checks for earnest money and tenant security deposits must be deposited in a trust account within three A) banking days after acceptance of the contract. B) banking days after receipt of the trust funds. C) calendar days after acceptance of the contract. D) calendar days after receipt of the trust funds.
a
If a real estate licensee will be treated as an employee, the employing broker must do all the following EXCEPT A) provide employee benefits. B) provide a W-2 that reflects all monies paid to the employee. C) withhold appropriate local, state, and federal employment taxes. D) specify work hours and task requirements.
a
In North Carolina, property managers A) need active broker licenses to be paid to manage property even for family members. B) must be designated as a broker-in-charge. C) cannot employ unlicensed persons to act as onsite leasing agents. D) cannot deposit tenant security deposits in the same trust account with earnest money deposits for sales transactions.
a
Investors may be able to defer taxable events on investment property by following the IRS prescribed rules for A) 1031 tax-deferred exchanges. B) selling the property as a short-term gain. C) recapturing depreciation. D) holding onto the property until long-term capital gains rules apply.
a
Jane Doe and Richard Roe, who are not married, want to buy a house together. In order to ensure that if one dies the other automatically becomes full owner, their deed must state that they are 2. A. joint tenants with rights of survivorship. B. tenants in common. C. tenants in severalty. D. tenants by the entirety
a
Jelani is a licensed real estate broker affiliated with Top Gun Realty and has a written buyer agreement with Kristin. At the time that Kristin hired Jelani and his firm, she authorized exclusive agency only. Which of these statements is TRUE regarding the properties Jelani may show to Kristin? A) He may show an in-house listing so long as he gets Kristin to consent to dual agency authorization in writing before showing an in-house listing. B) He may show an in-house listing but must get written dual agency authorization prior to Kristin making an offer. C) He is not allowed to show his firm's listings at all. D) He may not show any of his firm's listings without getting oral dual agency authorization.
a
Oceanfront property ends at the A) mean high-water mark. B) edge of the dunes. C) water's edge. D) low tide water mark.
a
Tenancy by the entirety differs from other forms of co-ownership in that A. neither owner can force a sale. B. each owner is free to devise his or her share to chosen heirs. C. shares may be acquired at different times. D. the property must be a principal residence.
a
Tenants living in foreclosed residential properties A) have at least a 90-day notice to vacate the property per federal law. B) must vacate the property within 30 days if the new owner wishes to occupy the property. C) can always occupy the unit until the end of their lease period. D) must vacate the property within 48 hours of the foreclosure.
a
The fiduciary relationship between the principal/client and the agent is the description for A) agency. B) agent. C) fiduciary. D) subagency.
a
The formula for before-tax cash flow is A) net operating income − debt service. B) net operating income + debt service. C) cash flow amount of equity. D) potential gross income − vacancies − operating expenses.
a
The probate process A) is required if the party died testate. B) settles disputes between co-owners of property. C) determines claims under adverse possession. D) rules on warranty claims.
a
Under a residential gross lease, the lessor typically pays all of the following EXCEPT A) a security deposit. B) insurance premiums. C) real estate taxes. D) maintenance costs.
a
Which of these is dual agency? A) A broker having a buyer client for a property the broker personally listed B) A broker-in-charge assisting a buyer client in the purchase of property that was listed by a provisional broker of another firm C) A firm that represents buyers and sellers D) A provisional broker and a broker licensee from firms cooperating in a transaction
a
Which of these professions within the real estate industry has become the MOST specialized? A) Real estate appraisal B) Residential real estate sales C) Commercial real estate sales D) Residential property management
a
Which statement is TRUE regarding surveys? A) Title insurance excludes many title defects from coverage if no property survey was completed. B) A locational survey shows the lay of the land or elevations. C) A topographical survey shows the location of improvements on the parcel. D) Encumbrances are discovered and disclosed by a survey.
a
A house recently sold for $135,000 at a commission rate of 6.5%. The MLS service received 5% of the commission as a listing fee. The listing broker got 40% of the commission with 55% going to the selling broker. You, the selling agent, have an in-house split of 60% to you, 40% to your broker. What was your earned commission? A) $2,895.75 B) $1,930.50 C) $2,106.00 D) $2,750.96
a $135,000 SP × 0.065 = $8,775 gross commission × 0.55 selling broker's share = $4,826.25 × 0.60 your share = $2,895.75
Sally purchased a home for $150,000. A recent appraisal of her home shows it to be worth only $125,000 because of a recession in the area. What is her rate of loss if she sells her home today for $125,000? A) 17% B) 8.33% C) 167% D) 83%
a $150,000 − $125,000 = $25,000 loss received Amount received = base × rate $25,000 = $150,000 × rate $25,000 ÷ $150,000 = 0.1666 or 16.67%, rounded to 17%
A listing agent received $4,287.50 as her portion of the commission earned on the sale of her listing. She received 70% of the commission retained by the listing firm. The firm split the 5% listing commission equally with the selling firm. What was the sales price of the property? A) $245,000 B) $120,000 C) $122,500 D) $171,500
a $4,287.50 commission portion ÷ 70% = $6,125 Listing firm split ÷ 50% = $12,250 total commission ÷ 5% commission rate = $245,000
An investment company has an apartment complex on the market for sale. Given that the potential gross income is $500,000, with vacancy and losses of 4% and expenses of $240,000, depreciation of $88,000, and debt service of $150,000, calculate the capitalization rate based on the $1,500,000 list price. A) 16% B) 10% C) 6% D) 0.13%
a $500,000 × 0.04 = $20,000 vacancy and rent loss $500,000 PGI − $20,000 vacancy and rent loss = $480,000 EGI - 240,000 operating expenses = $240,000 NOI AR = B × R 240,000 = 1,500,000 × R 240,000 ÷ 1,500,000 = 0.16 = 16% (Depreciation and debt service are not included in NOI.)
The seller wants to net $85,000 cash from the sales transaction. The sales commission is 7%, the seller's closing costs are $1,000, and the seller's loan payoff figure is $65,000. What must the sales price be to accomplish the seller's goal? A) $162,366 B) $151,000 C) $161,750 D) $155,000
a $85,000 seller desired net + $1,000 closing costs + $65,000 loan payoff = $151,000 net amount seller needs ÷ 0.93 (100% - 7% comm. rate) = $162,365.59 sales price (rounded up to $162,366.00)
How much interest will be paid over the life of a 7% 30-year, fixed-rate, level-payment loan if the original loan amount was $136,000 and the monthly debt service payment was $904.40? A) $189,584 B) $149,600 C) $325,584 D) $285,600
a $904.40 PI payment × 360 payments = $325,584 total PI payments ‒ $136,000 original principal = $189,584 total interest
When you bought your home, you paid $120,000 for it, plus $2,600 in closing costs. You added $16,000 worth of capital improvements. When you sold the home for $165,000, you paid a 7% commission and other closing costs of $1,300 What was your capital gain? A) $13,550 B) $45,000 C) $29,000 D) $165,000
a $152,150 amount realized - $138,600 adjusted 33. basis = $13,550 gain
An attorney's statement that indicates the quality of title as of a certain time is A) a title opinion. B) a title insurance binder. C) a title search. D) a title abstract.
a title opinion
Which of the following liens holds first priority regardless of when it was recorded? A) Mortgage lien B) Federal income tax lien C) Purchase money lien D) Ad valorem tax lien
ad valorem tax lien The local property tax lien generally takes priority over all over liens on the property, regardless of when any other liens were recorded.
best describes appraised value
an estimate of value
which of the folllowing statements best defines what is meant by the term matieral defect
any condition that may change a principals mind abt buying or selling
a major difference between freehold and nonfreehold estates is that all freehold estates
are of interdeterminable duration
A buyer contracts to purchase real property with the intention of having title transfer to her children upon her death. Which of the following is the BEST way for the buyer to take title to the purchased property? A) An estate with reversionary interest B) A fee estate C) A conventional life estate D) A joint tenancy
b
A management agreement is to a property manager like a A) deed is to a buyer. B) listing agreement is to a broker. C) novation is to an assignee. D) lease is to a tenant.
b
A mechanic's lien A) is a general lien that is good for 10 years. B) gives security to persons that work on real property owned by others. C) is used to collect payment from the general contractor. D) must be filed within 180 days after last day of labor.
b
A shoe store in the Town Mall pays a base rent each month plus additional rent based on the amount of business it does. It is operating under a 45. A. ground lease. B. percentage lease. C. net lease. D. holdover lease.
b
A woman bought a home five years ago for $105,000 with a 90% LTV ratio. She is now selling the home for 20% more than it cost. Her loan balance has been reduced by 8%. What is her percent of equity increase? A) 27.2% B) 272% C) 372% D) 2.72%
b
An Exclusive Right to Sell Listing obtained by a broker associate belongs to: A - The seller only B - The employing broker only C - The broker associate only (agent) D - Both the associate broker and the responsible broker.
b
If a broker receives a due diligence fee from a buyer under the North Carolina standard offer to purchase and contract, when can the seller receive the fee? A) At the settlement meeting B) When a contract is created between the seller and the buyer C) After the deed is recorded D) When the offer is presented to the seller
b
Per the NCBA/NCAR 2-T Offer to Purchase and Contract, if the seller commits a material breach and the buyer elects to terminate the contract, the buyer is entitled to A) nothing more than contract termination. B) a refund of paid earnest money, due diligence fee, and all reasonable costs of the buyer's due diligence. C) a refund of any earnest money and due diligence fee. D) a refund of any earnest money only.
b
Real estate taxes are an example of A) variable expenses. B) fixed expenses. C) reserves. D) capital expenses.
b
Repair issues should be resolved A) before the appraisal is done. B) before the end of the due diligence period. C) before the settlement date. D) before the closing date.
b
The North Carolina tax rates are determined by dividing the tax amount by A) $10. B) $100. C) $1. D) $1,000.
b
The buyer is making an offer on a property and needs to get new financing to purchase the property. In assisting the buyer with the sale, the buyer's broker should make sure that the sales contract is contingent on financing being obtained by the buyer. Having such a contingency will mean that the contract A) is not considered executory until the contingency has been dropped. B) should have all loan terms and contingency terms and dates clearly stated. C) is not binding on either party until the contingency is met. D) will not have the earnest money deposited until after the contingency is met or terminated.
b
The listing broker brings the seller an offer from a buyer customer that meets all the requirements of the listing agreement. The seller decides NOT to sell. This means that A) the seller has the right to discharge the listing with no penalty because it is just an employment agreement. B) the broker has earned the commission. C) the broker can sue the seller for specific performance. D) the buyer can sue the seller for specific performance.
b
To determine the adjusted tax basis of a principal residence, A) add the purchase price, the cost of improvements, and depreciation. B) add the purchase price and the cost of improvements and special assessments. C) add money received for a casualty loss and depreciation. D) subtract the costs of the survey, the appraisal, and repairs.
b
Under North Carolina Real Estate Commission rules, an oral buyer agency agreement A) must be in writing before preparation of the first offer. B) must be reduced to writing before presentation of the first offer. C) should be put in writing immediately after the buyer receives proper disclosure and signs the Working with Real Agents brochure as required by state law. D) must be reduced to writing before acceptance of an offer.
b
Upon acceptance and communication of acceptance, the offer is now considered A) unilateral. B) a contract. C) valid. D) a counteroffer.
b
When a tenant sublets all or any part of the premises rented under a written lease, A) the original lease is automatically canceled and the sublessee takes possession of the property on a month-to-month basis. B) the original lease is unaffected unless it contains a provision that prohibits such subletting. C) the tenant assigns all rights and responsibilities in the rented property to the new lessee. D) the sublessee becomes primarily responsible to the landlord for the payment of rent and maintenance of the property.
b
Which of the following is TRUE regarding a corporation that owns real property and has an employee negotiate the sale of the property? A) The employee must hold a real estate broker license. B) Neither the corporation nor the employee needs a license. C) Corporations are not required to be licensed. D) The corporation must hold a firm license.
b
Which statement is TRUE regarding encumbrances? A) Encumbrances are physical intrusions of one person's real estate onto another owner's land. B) Deed restrictions and tax liens are examples of encumbrances. C) All encumbrances are liens. D) Encumbrances make title to property unmarketable.
b
If a borrower has an annual gross income of $42,000 and will have monthly recurring debts of $500, not including housing expenses, what will be the maximum monthly housing expenses using the 28:36 ratios? A) $1,260 B) $760 C) $920 D) $980
b $42,000 annual gross income ÷ 12 months = $3,500 × 0.36 = $1,260 - $500 = $760
If a borrower has an annual gross income of $42,000 and will have monthly recurring debts of $500, not including housing expenses, what will be the maximum monthly housing expenses using the 28:36 ratios? A) $980 B) $760 C) $1,260 D) $920
b $42,000 annual gross income ÷ 12 months = $3,500 × 0.36 = $1,260 - $500 = $760
What real estate-related charges can be deducted from income taxes? A) Taxes, points, insurance B) Origination fee, monthly interest, taxes C) Points, insurance, taxes, annual interest D) Points, interim interest, HOA dues
b Remember POIT: points, origination fees, interest, and taxes can be deducted. HOA dues and principal payments are not deductible from income taxes.
A prospective client wishes to list his property with a broker and states that the property is held in a trust. Which party should the real estate broker contact in order to proceed with listing and marketing the property? A) A bank B) The trustee C) A fiduciary D) The trustor who created the trust
b The trustee is the fiduciary who exercises control over the subject property to the instructions of the trustor in the trust agreement. A trustee can be a bank, an attorney, or other entity set up for this purpose. Sometimes the trustee is the same individual as the trustor. The trustee's power and authority is limited by the terms of the trust agreement and law, but typically the job of the trustee is to take care of the trust's assets.
A total commission of $4,410 was earned from a sale. The listing broker retained 25% of the total commission and paid 5% of the total commission to the multiple listing service. Of the balance of the commission, the co-brokering firm retained 45%, with the balance going to the selling agent. How much commission did the selling agent receive? A) $2,425.50 B) $1,697.85 C) $1,728.85 D) $1,389.15
b $4,410 = 100% gross commission: 100% - 25% listing firm - 5% MLS fee = 70% to co-brokering firm/selling agent $4,410 × 0.70 = $3,087 × 0.55 to selling agent = $1,697.85 (100% - 45% retained by firm = 55%)
to be valid, every deed must
be executed by the grantor.
According to the North Carolina Time Share Act, a certificate of registration for each time-share project must I be obtained from the North Carolina Real Estate Commission. II be renewed every June.
both
If a broker's misrepresentation causes loss or financial injury to a buyer customer, which of the following could be found liable? Principal Broker A) II only B) Neither I nor II C) Both I and II D) I only
both
The principal owes the agent the duty of acting in good faith. payment of compensation. A) II only B) I only C) Both I and II D) Neither I nor II
both
Which of the following statements about dual agency is/are correct? 1 Dual agency can occur within one firm if a broker shows his buyer-client his or her own listing. 2 Dual agency can occur within one firm if a broker has become a buyer's agent and is showing a property listed by the broker-in-charge. A) Both I and II B) I only C) Neither I nor II D) II only
both
ordinances that specify construction standards
building codes
A broker for ABC Realty has listed a home on Ash Street. Another agent at ABC has shown a buyer customer the listing on Ash. The buyer wants to make an offer. Which of the following is TRUE under North Carolina license law? A) The broker is a dual agent. B) ABC Realty is a dual agent. C) If the buyer shares any confidential information with the second agent, that agent is obligated to share the confidential information with the listing broker. D) The agent that showed the house to the buyer is a buyer's agent.
c
A building was purchased for $150,000, with 10% down and a loan for the balance. If the lender charged the buyer two discount points and a 1% loan origination fee, how much cash did the buyer need to pay the down payment and loan fees? A) $15,450 B) $19,500 C) $19,050 D) $16,620
c
A purchaser made an offer to purchase and gave it to the listing agent, who forwarded the offer to the owners by email. The owners signed the sales contract and mailed it to the listing agent. While this document was in the mail to the listing agent, a second purchaser made a higher offer on the property. The listing agent called the owners to tell them about the second offer. Before the owners could say they had accepted the first offer and inform the listing agent that they had mailed the signed contract to the agent, the agent told the owners there was a second higher offer for the property. The owners immediately told the agent to disregard the signed contract they had mailed because they would prefer to accept the second offer. At this point, which of the following statements is TRUE? A) The seller and the listing broker must respond or reject the first offer before responding to the second offer. B) The first offer has been legally accepted. C) The seller may accept the second offer because notice to the first buyer has not occurred. D) The second offer has been legally accepted.
c
A tire company has a manufacturing plant located in an area that has just been rezoned for residential use. The company is allowed to continue operating the plant under the new zoning classification. If the plant is destroyed by fire or other hazard, the tire company A) may rebuild the plant if it obtains the consent of the residents then living in the neighborhood. B) may rebuild the plant if the homeowners association approves it. C) may not be allowed to rebuild the plant in the neighborhood, absent obtaining a zoning variance. D) may not be allowed to rebuild the plant in the neighborhood unless provided for by building codes.
c
A void contract is one that is A) rescindable by agreement. B) not in writing. C) not legally enforceable. D) voidable by only one of the parties.
c
All the following people need an active North Carolina real estate license EXCEPT A) an attorney that serves as a relief agent on Thursdays in a new homes subdivision. B) an on-site leasing agent that negotiates rental amounts when requested by potential tenants. C) a court-ordered guardian selling property owned by his charge. D) a real estate assistant showing listed property to the buyer-clients of her broker-boss.
c
Anne is representing a buyer as a single agent to purchase a for-sale-by-owner property. The seller has agreed to pay Anne a 2.8% fee at closing of the sale. Anne has nothing else in writing, so she attaches an addendum to the offer 1) stating the agreed-to amount of commission to be paid, 2) including disclosure that Anne is a single agent and the seller will be a third party, and 3) using language to the effect that Anne has no liabilities for any representations made to the seller. Are Anne's actions acceptable? A) No, Anne is not allowed to put commission items in the offer, but the other clauses are allowed. B) Yes, because there is no addendum for these issues; this is the only way for Anne to protect herself and the buyer, who would have to pay the commission if the seller does not. C) No, Anne should have used a separate agreement to address the commission, the proper form for disclosure of agency, and she cannot limit her liability. D) Yes, because there is no listing with the for-sale-by-owner party and Anne is a single agent.
c
Deed restrictions could legally restrict all of the following EXCEPT A) potential future uses of the properties. B) sizes and types of structures to be built. C) future owners and occupants of the properties. D) exterior finish and decoration of the structures.
c
Deed restrictions may be enforced by A) zoning board of adjustment. B) state legislature. C) court injunction. D) city building commission.
c
Demarcus has just completed all 75 hours of prelicensing and passed his end-of-course exam. About a week after passing both sections of the North Carolina real estate licensing exam, he receives his license in the mail. What is the status of Demarcus's license? A) Broker B) Broker-in-charge C) Provisional broker D) Broker-in-training
c
Federal income tax laws do NOT currently allow a homeowner to deduct which of the following expenses from taxable income? A) Real estate taxes B) Mortgage interest C) Repairs or maintenance D) Discount points
c
Fixed expenses that the property manager should consider when developing the operating budget include all the following EXCEPT A) insurance premiums. B) employees' salaries. C) repairs. D) real estate taxes.
c
Funds for Federal Housing Administration (FHA) loans are usually provided by A) FNMA. B) the FDIC. C) qualified lenders. D) the FHA.
c
In North Carolina, all real estate brokers must A) belong to the local Association of REALTORS®. B) maintain a trust account. C) include their firm's name in advertisements of a client's property. D) complete continuing education each year in order to keep the license current.
c
In an executory purchase contract, the buyer's interest is described as A) legal title. B) naked legal title. C) equitable owner. D) free and clear title.
c
In inflationary times, a property manager would NOT want a long-term lease based on A. graduated payments. B. the consumer price index. C. a fixed rate. D. a cost-of-living index.
c
The NCREC rules require a listing broker who is about to discuss a buyer's confidential information with a buyer consumer to do all of the following EXCEPT A) disclose available agency options before learning any confidential information. B) ask the buyer to sign the Working with Real Estate Agents acknowledgment panel. C) give the Working with Real Estate Agents disclosure at first physical contact. D) disclose the broker's agency relationship orally before learning any information about buyer motivations
c
The lowest wooden part of residential construction is the A) ridge board. B) footing. C) sill. D) foundation wall.
c
When tenant Heather Grayson opened her ice cream shop in the mall, she installed special freezers. When Heather closes the shop, can she remove them? 6. A. It depends on whether her lease specifically states that she can. B. No, because as a tenant she gives up the right of possession. C. Yes, if she repairs any damage caused by their removal. D. No, because as fixtures they have become part of the real estate.
c
Which of the following is TRUE about an installment land contract? A) The buyer obtains a mortgage loan from a traditional lender. B) The seller delivers a deed to the buyer. C) The buyer is given immediate possession and use of the property. D) The seller delivers legal title to the buyer at settlement.
c
Which of the following is an example of voluntary alienation of real property? A. a condemnation sale B. a foreclosure auction C. a deed of trust D. a transfer by escheat
c
Which of the following liens is NOT required to be recorded in order to be valid? A) Mortgage lien B) Mechanic's lien C) Ad valorem tax lien D) Judgment lien
c
Which of these regarding tax-deferred exchanges is FALSE? A) Real estate investors can defer taxation of capital gains by exchanging property versus selling it and receiving taxable profit. B) There must be a property transferred and a property received; these properties cannot be sold. C) Owners of a principal residence can use that residence in a tax-deferred exchange. D) The tax is deferred, not eliminated, so whenever the investor actually sells the newly acquired property without the use of an exchange, the capital gain will be taxable.
c
Which statement about listing contracts is FALSE? A) An agreement for brokerage services between a broker and an owner of real property must be in writing from the outset of the relationship. B) With a listing agreement, the broker/firm is hired to represent the seller-principal. C) Real property is transferred when a listing agreement is signed by the seller. D) A listing agreement is an employment contract rather than a real estate contract.
c
Which type of deed merely implies but does NOT specifically warrant that the grantor holds good title to the property? A) Special warranty B) Quitclaim C) Bargain and sale D) Trustee
c
What will be the amount of tax payable where the property's assessed value is $185,000 and the tax rate is 40 mills in a community in which an equalization factor of 110% is used? A) $7,400 B) $5,087 C) $8,140 D) $4,625
c $185,000 AV × 1.10 EF = $203,500 × 0.04 = $8,140
A home with a market value of $190,000 is located in a city where the assessed value is 80% of market value. The county tax rate last year was $0.75 per hundred, and the city tax rate last year was $0.85 per hundred. This year the tax rates have increased by 10%. Determine the total tax bill for this property. A) $2,150 B) $2,432 C) $2,675 D) $3,344
c $190,000 × 80% = $152,000 assessed valued 0.75 + 0.85 (city + county) = $1.60 per hundred × 10% = 0.16 increase; $1.60 + 0.16 = $1.76 per hundred (new rate) ÷ 100 = 0.0176 tax rate Amount of tax = assessed value × tax rate Amount of tax = $152,000 × 0.0176 = $2,675.00
Anne purchased an office building for $490,000. She borrowed $400,000 and paid the balance in cash at closing. Six months later, she sold the office building for $690,000. What is her rate of return on equity? A) 766.7% B) 140.8% C) 222.2% D) 2.22%
c $490,000 − $400,000 = $90,000 original equity $690,000 − $490,000 = $200,000 profit received Amount received = base × rate $200,000 = $90,000 × rate $200,000 ÷ $90,000 = 2.222 or 222.2%
A house was listed for sale at $84,900. The seller received $71,424 after paying the broker a 7% commission. What was the selling price of the property? A) $76,423.68 B) $78,957.00 C) $76,800.00 D) $79,345.79
c $71,424 net ÷ 0.93 [100% - 7%] = $76,800 SP
Jennifer owns property in Chapel Hill which has 100 feet of a street on one boundary. The town paves the street and agrees to pay 25% of the cost. The cost per running foot is determined to be $54. How much is Jennifer's special assessment based on road frontage? A) $3,456 B) $2,700 C) $2,025 D) $4,050
c 100 feet of road × $54 = $5,400 × 75% (city will pay other 25%) = $4,050 ÷ 2 = $2,025
A 40-acre tract was sold for $2,200 per acre. The seller realized a 14.5% profit from the sale. What was the original cost of the tract? A) $75,240.00 B) $102,923.98 C) $76,855.90 D) $100,760.00
c 40 acres × $2,220 SP = $88,000 sales price (present value) 100% + 14½% = 114.5 = 1.145 $88,000 ÷ 1.145 = $76,855.895 = $76,855.90
The effective gross income from an office-building property is $73,500, and the annual operating expenses total $52,300. If the owner expects to receive an 11% return on his investment, what is the value of the property? A) $475,454 B) $668,181 C) $192,727 D) $125,800
c 73,500 (EGI) − 52,300 (expenses) = 21,200 (NOI) NOI = value × cap rate 21,200 = ? × 11% 21,200 ÷ 11% (0.11) = 192,727
A buyer purchased a home for $150,000 and financed $100,000. The equity has increased by $20,000. What is the percentage of gain in equity? A) 25% B) 30% C) 40% D) 20%
c Amount received = base × rate 150,000 − 100,000 = 50,000 original equity 20,000 = 50,000 × rate 20,000 ÷ 50,000 = 0.40 or 40%
A buyer submits an offer to purchase property through the use of his exclusive buyer's agent. After the buyer's agent has delivered the offer to the listing agent at the other firm, the buyer calls and asks the buyer's agent to cancel the offer since he has located a different property that he likes better. The buyer's agent cannot revoke the offer if the A) listing agent has already presented the offer to the seller. B) seller has already signed the offer but has not told anyone. C) listing agent has sent an email to the buyer's agent saying that the seller signed the offer. D) seller signed the offer after making one change about removing a ceiling fan.
c An offer may be revoked or withdrawn by the offeror (the party making the offer, usually the buyer) at any time before acceptance if the revocation is communicated directly to the offeree (the party in receipt of the offer, usually the seller) by the offeror. It also can be revoked if the parties are notified through their agents.
A property is assessed at $64,410. The county tax rate is 8.9 mills per dollar. What would the monthly payment for taxes be to the escrow account? (Round to the nearest dollar.) A) $934 B) $573 C) $48 D) $78
c Assessed value × tax rate = annual tax amount ÷ 12 = monthly tax amount 8.9 mills ÷ 1,000 = 0.0089 tax rate $64,410 × 0.0089 = $573.25 annual tax ÷ 12 = $47.77, rounded to $48
It is necessary to calculate a dollar value for depreciation when using which of the following? A) The income approach to value B) Gross rent multipliers C) The cost approach to value D) The sales comparison approach to value
c In the cost approach, the appraiser must determine the dollar value of accrued depreciation. The appraiser deducts that depreciation from the estimated current cost of the building and improvements and then adds the estimated land value to the depreciated cost of the property to determine the total value of the property.
The state-mandated oil and gas rights disclosure language is required in sales contracts for all of the following EXCEPT A) new construction sold by homebuilder. B) a resale townhome. C) an office building. D) a for-sale-by-owner property.
c The MOGS does not apply to sales of vacant land or commercial property.
One of the economic characteristics of land is its A) highest and best use. B) immobility. C) location. D) uniqueness.
c he economic characteristics of land include scarcity, location, improvements, and permanence of investment.
A person currently has the legal right to occupy and use a certain residential structure. The interest in the property could be all of the following EXCEPT A) leasehold. B) fee simple. C) remainder. D) life estate.
c A remainder estate is a future interest in real estate created at the same time and with the same instrument as another estate. It is not a current estate with current rights.
truth in leding is a part of which federal law
consumer credit protection act not reg z
A borrower obtains a line of credit to make repairs on her home. The mortgage document secures the maximum amount of funds to be used for the current home repairs as well as any future funds to be advanced to the borrower by the lender. This borrower has obtained A) a package loan. B) a blanket contract. C) a reverse mortgage. D) an open-end mortgage.
d
A businessman agrees to lease a barber shop from a landlord. The party responsible for the expense of making repairs to the interior of the building would MOST likely be A) the tenant. B) the landlord under the North Carolina Residential Rental Agreements Act. C) shared equally by the landlord and the tenant. D) determined by negotiation of the parties.
d
A house located in the city recently sold for $435,000. The assessed value is $420,900 with a city tax of 1.67 per hundred and a county tax of 1.13 per hundred. The annual ad valorem tax is A) $7,029.03. B) $4,756.17. C) $12,180.00. D) $11,785.20.
d
A lessee who pays some or all of the lessor's property expenses has A) a sublease. B) a gross lease. C) a percentage lease. D) a net lease.
d
A licensed appraiser is used to determine A. the sales price of a property. B. the profitability of a rental property. C. whether or not to renovate a property. D. how much a lender will lend for the purchase of a property.
d
A property is under contract for a sales price of $357,800. The buyer will assume the seller's outstanding loan balance of $225,000, secure a second mortgage for $100,000, and pay the remainder in certified funds at settlement. On the settlement statement, the seller will be charged excise tax in the amount of A) $358.00. B) $715.60. C) $265.60. D) $716.00.
d
A property owner conveys the ownership of his apartment building to a nursing home, anticipating that the rental income will help pay for his father's care at the home. When his father dies, the original owner will recapture the ownership of the apartment building. This is an example of A) a leasehold estate. B) a remainder life estate. C) a conventional life estate. D) a life estate pur autre vie.
d
A property owner has a freehold estate in a single-family home. He rents the home to a young couple. Which of the following statements is TRUE? A) The man must give up his freehold estate in order to rent the property to others. B) The tenants now hold the freehold estate in the property. C) The man no longer has a freehold estate because a freehold estate and a leasehold estate cannot exist in the same property. D) The man has a freehold estate in the property, and the tenants have a leasehold estate in the property.
d
A real estate broker advertising property for sale to the public would need to consider all the following EXCEPT A) the junk fax and spam acts. B) the National Do Not Call Registry. C) the Truth in Lending Act. D) the Equal Credit Opportunity Act.
d
A tenant has an estate for years. According to the written one-year lease, the tenancy will expire on May 1. In order for the landlord to regain possession as of that date, he is A) required to provide the tenant with 60 days' notice. B) required to provide the tenant with 30 days' notice. C) required to give notice as of April 15. D) not required to give notice.
d
A term loan requires that the borrower pay A) both principal and interest during the loan term. B) increasing amounts of principal during the loan term. C) an interest rate that adjusts during the loan term. D) only the interest during the loan term.
d
According to the North Carolina Time Share Act, all the following are true EXCEPT A) a time-share salesperson must have an active real estate broker's license. B) a time-share purchaser that properly exercises the rescission rights under the Act will receive a refund of all monies paid to the developer or his agent. C) a time-share purchaser must be given a five-day cancellation right after contract formation. D) a time-share salesperson must provide a public offering statement about the time-share project to a potential buyer prior to showing or sharing project information.
d
Cassandra has submitted an offer to purchase 700 Main Street from Bill. Her offer is contingent on a satisfactory inspection. Her inspector finds several issues with the home. Which of the following MUST Bill do? 32. A. Repair the issues found in the inspection before the sale Provide Cassandra with a discount on the sale price in the amount of the required repairs B. C. Provide Cassandra with a refund at closing for the cost of the repairs D. Nothing
d
If a licensee is considered an employee of the broker-in-charge, the licensee will fill out a W-2. Anyone who fills out a 1099 for the broker is considered A) an at-large employee. B) a scheduled contractor. C) an at risk employee. D) an independent contractor.
d
In North Carolina, a general contractor's license is required for constructing any building for others valued at or above A) $50,000. B) $25,000. C) $20,000. D) $30,000.
d
In North Carolina, the statutory period for adverse possession (without color of title) is an uninterrupted period of how many years when trying to acquire privately owned property? A) 3 B) 7 C) 30 D) 20
d
In the valuation of a large apartment complex, the MOST weight would probably be given to which of the following approaches to value? A) The cost approach B) The gross rent multiplier method C) The sales comparison approach D) The income approach
d
Insurance companies may exclude property owners from coverage after a vacancy of A) one calendar year. B) 90 days. C) 30 days. D) 60 days.
d
Market price is A) the most probable price. B) the market price minus sales price. C) the same as market value. D) the actual closed price.
d
North Carolina Real Estate Commission Rule requires that brokers include all required data when completing preprinted contracts but prohibits the inclusion of brokerage compensation or a ____________ in a sales contract. A) document fee B) sales agent name C) expiration date D) liability disclaimer
d
Private land-use controls include which of the following? A) Zoning ordinances B) Environmental restrictions C) Building codes D) Restrictive covenants
d
Progression and regression are part of which principle of value? A) Substitution B) Contribution C) Change D) Conformity
d
The federal Fair Housing Amendments Act of 1988 made it illegal to discriminate on the basis of all of the following EXCEPT A) HIV or AIDs. B) a disability that requires property modification. C) children under 18. D) marital status.
d
The interest rate on FHA loans is set by the A) FHA. B) FNMA. C) Federal Reserve. D) lender.
d
The lease prohibits tenants from altering the property in any way without the landlord's written permission. A tenant who uses a wheelchair cannot maneuver over the doorstep into the apartment by herself nor can she use the bathroom facilities in her wheelchair. Which of the following is TRUE? A) The landlord must pay for alterations that make a unit accessible to and livable for tenants with disabilities. B) The tenant cannot remedy these challenges because of the lease terms. C) The landlord should not have rented this apartment to the tenant. D) The tenant is entitled to make and pay for reasonable necessary alterations.
d
The lessor and the lessee have agreed to a lease term of five years. The MOST typical method by which the lessor may attempt to ensure that the rental income during the term is reflective of the ongoing market conditions is to A) negotiate a gross lease. B) negotiate a new rental rate at the beginning of each year. C) collect an additional security deposit each year. D) negotiate an index lease.
d
The listing agent received a full price offer that she faxed to the out-of-town seller. The seller signed the faxed copy and faxed the signed copy back to the listing agent. The agent faxed the signed offer to the buyer's agent. Has contract been formed? A) No, because the buyer has not been notified of the acceptance yet. B) No, because there is not one copy that has ink signatures of both parties. C) Yes, because faxed signatures are binding for 48 hours until ink signatures can be obtained. D) Yes, because the Uniform Electronic Transaction Act states that faxed signatures are as binding as ink signatures.
d
The listing broker found no issues during a visual inspection of the property. The seller's residential property disclosure states that there are no problems. After closing, the buyers find long-standing issues with water entering the basement. Who is MOST likely to be held liable for nondisclosure of this latent material defect? A) The listing broker and the seller, because they must disclose all obvious and latent defects B) The listing broker, because he should have had the property inspected C) The buyers, because they did not have an inspection before they closed; they have no recourse after closing D) The seller only, because brokers are not responsible for undisclosed latent defects Explanation
d
The profit homeowners receive from the sale of their principal residence may be A) rolled over into the purchase of a more expensive property without any tax liability once every 24 months. B) excluded from taxation every year up to a statutory limit of $500,000 per married couple filing jointly. C) taxed at a lower rate because depreciation is deductible from each annual income tax return. D) subject to long-term federal income tax if the profit exceeds the excluded limits.
d
The seller has signed a listing agreement with a listing firm that authorizes the listing firm to collect a 6% commission. According to company policy, the firm offers 40% of the total commission to any cooperating broker that sells the listing. If another firm sells the listing for $125,000, what commission amount will the listing firm retain? A) $7,500 B) $5,000 C) $3,000 D) $4,500
d
Under CAN SPAM, email newsletters sent by real estate agents to their clients must include 62. A. the name of the agency the agent works for. B. the agent's personal contact information. C. a secondary email address for the agent. D. a mailing address for the agent.
d
Which of the following is an example of commingling? A) The broker deposits earnest money in her trust account. B) The broker deposits commissions earned in her business account. C) The broker deposits a tenant's security deposit in a property management trust account. D) The broker deposits earnest money in her business account.
d
Which of the following statements is TRUE? A) If a licensee violates License Law or North Carolina Real Estate Commission Rule, the court system may revoke the licensee's real estate license. B) The North Carolina Real Estate Commission may not fine time-share developers. C) The North Carolina Real Estate Commission can fine a licensee $500 for each violation of License Law. D) A violation of License Law or North Carolina Real Estate Commission Rules is a criminal offense and may be prosecuted in a court of law.
d
Which of the following would be used to clear a defect from the title records? A) A writ of attachment B) A lis pendens C) An estoppel certificate D) A suit to quiet title
d
Which statement is FALSE regarding oral buyer agency relationships? A) The oral agreement should address issues of compensation and whether the client authorizes dual agency, if the situation arises. B) Any oral agency agreement must be open-ended with no definite termination date. C) A buyer/tenant consumer may wish representation but elect to postpone the execution of a written agency agreement. D) All oral buyer agency agreements must be exclusive.
d
With a month-to-month tenancy, the landlord can require a maximum security deposit equal to A) two weeks' rent. B) two months' rent. C) seven days' rent. D) one and one-half months' rent.
d
What is the maximum loan a borrower can qualify for using the 28:36 ratios if her annual income is $60,000, the mortgage loan factor is 6.67, the estimated monthly taxes and insurance (TI) is $160, and her monthly nonhousing recurring debts total $700? A) $185,907.04 B) $164,917.54 C) $144,072.00 D) $140,929.53
d $60,000 annual income ÷ 12 months = $5,000 monthly income × 0.36 = $1,800 maximum PITI and Recurring obligations; $1,800 - ($160 taxes + $700 recurring debts) = $940 maximum PI ÷ 6.67 loan factor = $140.92953 × $1,000 = $140,929.53
The taxes for the current year are $1,743.50 and have not been paid. If the North Carolina sale is to close on August 12, what is the amount that will be charged to the seller for the taxes based on a 360-day year? A) $668.26 B) $1,104.05 C) $1,220.26 D) $1,075.15
d $1,743.50 annual taxes ÷ 360 days = $4.8430555 daily tax bill Jan 1 - Aug 12 = 222 days × $4.843 = $1,075.15 seller prorated tax bill
A seller wishes to provide an incentive to his listing broker by offering this compensation structure: the broker will receive 5% on the first $100,000 of purchase price offered; 6% on the next $100,000 of purchase price offered; and 7% on any price offered above the first $200,000. If the seller receives an offer of $310,000 and accepts it, how much will the broker receive? A) $18,000 B) $21,700 C) $15,500 D) $18,700
d $100,000 × 5% = $5,000 $100,000 × 6% = $6,000 $110,000 × 7% = $7,700 $5,000 + $6,000 + $7,700 = $18,700
Market value for a property outside the city limits of Greensboro is $295,000. Assessed value is calculated at 80% of market value. The city tax rate is $0.84 per $100 and the county tax rate is $0.63 per $100. What is the monthly tax liability for this property? A) $361.38 B) $154.88 C) $289.10 D) $123.90
d $295,000 market value × 80% = $236,000 assessed value × $0.0063 county tax rate = $1,486.80 annual tax bill ÷ 12 months = $123.90 monthly tax bill
A custom home containing 4,320 square feet was recently constructed on a lot valued at $145,000. Construction costs were $80.25 per square foot, and other fees and costs totaled $12,785. What was the total acquisition cost of the property? A) $359,465 B) $145,000 C) $346,680 D) $504,465
d 4,320 SF × $80.25 = $346,680 house + $12,785 fees + $145,000 lot = $504,465
A decedent left a will giving a neighbor the right to use a well on the decedent's land as long as the neighbor was alive. The neighbor's interest in the property is properly called A) a life estate. B) an easement appurtenant. C) a leasehold estate. D) an easement in gross.
d A personal easement in gross is irrevocable during the owner's life, is usually not assignable, and terminates on the death of the personal easement owner.
Which of the following is NOT a bilateral contract? A) Purchase contract with contingencies B) Exclusive agency listing agreement C) Residential lease for less than six months D) Option to purchase agreement
d A real estate sales contract is a bilateral contract because the seller promises to sell a parcel of real estate and deliver title to the property to the buyer, who promises to pay a certain sum of money for the property. An option-to-purchase agreement is a unilateral contract.
An investor puts $11,000 down when purchasing a property for $90,000. The house is now worth $100,000, and his loan balance is $75,000. What is the percentage of increase in equity? A) 12.7% B) 12% C) 1.27% D) 127%
d Amount received = base × rate 100,000 - 75,000 = 25,000 present equity - 11,000 original equity =14,000 14,000 = 11,000 × rate 14,000 ÷11,000 = 1.27 or 127%
If the loan-to-value ratio on a home listed for $70,000 is 80%, how much would a buyer's down payment be on a conventional loan if the home is appraised at $65,000? A) $5,000 B) $19,000 C) $13,000 D) $18,000
d Lender uses either the sales price or the appraised value (whichever is less) to calculate the loan amount that will be lent. Because appraised value is less in this problem, Appraised value × LTV percentage = loan amount $65,000 (appraised value) × 80% = $52,000 (loan amount) Sales price - loan amount = down payment $70,000 (sales price) − $52,000 (loan amount) = $18,000 (down payment)
North Carolina real property taxes attach to the property as of A) January 5. B) January 1 of the year following the year assessed. C) September 1. D) January 1.
d Property taxes attach to the property on January 1, are due and payable September 1, and can be paid without penalty until January 5 of the year following assessment.
The tax rate in Wake County is $1.45 per hundred, and the tax rate in the city of Raleigh is $1.85 per hundred. Davis owns property located outside the city limits of Raleigh, and he recently paid taxes of $1,500.00. Calculate the assessed value of Davis's property. A) $76,951 B) $106,846 C) $45,455 D) $103,448
d Property taxes ÷ tax rate = assessed value. $1,500 ÷ 0.0145 (1.45 ÷ 100) = $103,448.27, rounded to $103,448.
A building is valued at $100,000 using a capitalization rate of 8%. If an investor demands a capitalization rate of 10%, the value of the building will A) decrease less than $10,000. B) increase by 20%. C) increase by less than 20%. D) decrease more than $10,000.
d Rate × value = NOI 0.08 × $100,000 = $8,000 NOI ÷ rate = value $8,000 (NOI) ÷ 0.10 (10%) = $80,000 value; a decrease of $20,000
A buyer has agreed to purchase a home for $175,000 and pay a 1% origination fee and 2.5 discount points. If the lender agrees to make a 90% loan, how much will the origination fee and points cost the buyer? (Round to the nearest dollar.) A) $427 B) $3,938 C) $1,575 D) $5,513
d Sales price × loan rate = loan amount × origination percentage = loan origination fee $175,000 (sales price) × 90% (LTV) = $157,500 (loan amount) × 0.01 = $1,575 for loan origination $157,500 × 0.025 = $3,937.50 for points 1,575 + 3,937.50 = $5512.50, rounded to $5,513
Which of the following associations is FALSE? A) Trustor—grantor or settler B) Trustor—the individual who creates the trust C) Trustee—the fiduciary who exercises control of the subject property D) Trustee—the individual who creates the trust
d The trustor creates the trust; the trustee exercises control of the subject property on behalf of a beneficiary.
Independent contractors in a brokerage firm must have A) withholding taxes deducted from their commission checks. B) a flexible schedule. C) an employer-provided withholding schedule. D) a written employment agreement.
d Under the qualified real estate agent category in the Internal Revenue Code, three requirements can establish independent contractor status: (1) The individual must have a current real estate license. (2) The individual must have a written contract with the broker containing the following clause: "The salesperson will not be treated as an employee with respect to the services performed by such salesperson as a real estate agent for federal tax purposes." (3) Ninety percent or more of the individual's income as a broker must be based on sales production and not on the number of hours worked.
for the seller, one benefit of the deed of trust is that
foreclosure is usually simpler and faster
which of the following describes confidentiality
it outlasts the termination of the agency relationship
propery owner selling commercial building wants to avoid capital gains
reinvest the money according to a 1031 exchange
All of the following are physical characteristics of land EXCEPT A) scarcity. B) immobility. C) uniqueness. D) indestructibility.
scarcity
During an appraisal of a residential property, an appraiser estimates the cost of rebuilding the subject property so that it is identical to its current size and condition. This is an example of ....
substitution
which of the statements best define what time of the essence means
the contract is subject to cancellation at any time the requirement is not met
best statement abt the relationship between a property mortgage and a promissory note
the mortgage creates a property lien as security for the note which gives the details of both the amnt of the debt and terms of repayment
primary purpose of the fair credit reporting act
to protect the public against inaccurate credit reports
which best shows conversion of funds
using client funds as a source for temporary personal loans